Singapore's economy will likely expand at a record pace this year as a surge in demand for the city-state's exports fuels manufacturing, according to a central bank survey of analysts.

The city-state's gross domestic product will likely grow 14.9 percent this year, according to the median forecast of 20 economists in the quarterly survey, the Monetary Authority of Singapore said Wednesday.

In the previous survey in June, analysts had expected the economy would grow 9 percent this year.

Singapore's economy - which relies on trade, finance and tourism - will likely be led this year by a 29 percent expansion of the manufacturing sector as non-oil exports soar 20 percent, according to the analysts.
The government boosted its 2010 growth forecast in July to a range of 13 percent to 15 percent after the economy expanded 18 percent in the first half from a year earlier.